BC Iron Ltd and Kalium Lakes Ltd have advised that the companies have entered into a joint venture agreement over Kalium’s 100% owned Carnegie Project.
The project is a potash exploration project, located near Wiluna. It comprises one granted exploration licence and two exploration licence applications. It is also highly prospective for hosting a large sub-surface brine deposit, which could be developed into solar evaporation and processing operation that produces sulfate of potash.
Pursuant to the terms of the agreement, BC Iron can earn up to a 50% interest in the Carnegie Project, by predominately sole-funding exploration and development expenditure.
BC Iron’s Managing Director, Alwyn Vorster, said: “Through this agreement with Kalium, BC Iron has gained exposure to a highly prospective project in an agriculture commodity with attractive long-term dynamics. Becoming involved in an agreement with an expert potash company in Kalium provides us with the required exposure at low risk. This move into potash, added to the pending conclusion of a scoping study on BC Iron’s Mardie Salt Project, positions BC Iron well in agricultural and other commodities leveraged to growing global population.”
Kalium’s Managing Director, Brett Hazelden, added: “This is an excellent outcome for Kalium. It delivers funding from a strong partner in BC Iron to advance Carnegie, while Kalium continues to focus on its flagship Beyondie Project.”